Question : A sum of money amounts to INR 767 in 3 years, and to INR 806 in 4 years on simple interest at 6% per annum. What is the sum?
Option 1: INR 600
Option 2: INR 560
Option 3: INR 675
Option 4: INR 650
Correct Answer: INR 650
Solution :
Given, A sum of money amounts to INR 767 in 3 years, and to INR 806 in 4 years on simple interest at 6% annum.
Interest for 1 year = 806 – 767 = INR 39
⇒ Interest in 3 years = 39 × 3 = INR 117
⇒ the sum = Amount - Principal = 767 – 117 = INR 650
Hence, the correct answer is INR 650.
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